Arizona Mortgage Brokers

Parent of Pacific Trust Bank makes acquisition

The parent of Pacific Trust Bank of Chula Vista said Monday that it has agreed to buy Gateway Bancorp. of Cerritos for about $17 million in cash.

The move aims to expand Pacific Trust's reach in mortgage lending. While Gateway Business Bank only has two bank branches, it does operate 22 mortgage loan offices in California, Arizona and Oregon under the name Mission Hills Mortgage.

Pacific Trust usually originates many of its loans through third-party mortgage brokers, said Gregory Mitchell, chief executive of First PacTrust Bancorp, the holding company for Pacific Trust Bank. The acquisition will allow it to make more mortgages directly to borrowers.

The purchase also could highlight another wave of consolidation in community banking as the stronger survivors of the financial meltdown look to purchase institutions that emerged from the crisis on less solid footing.

Mitchell said in an interview that Gateway, with $187 million in assets, was not profitable. It lost $873,000 in the first quarter, according to documents filed with banking regulators.

Mitchell believes Gateway will immediately add to First PacTrust's earnings in part because of the benefits of its larger size. First PacTrust has $837 million in assets before the merger. He noted that Gateway had plenty of reserves to cover potential bad loans, and that its profitability troubles were linked more to its lack of scale.

The combined company is expected to have total assets exceeding $1 billion and will operate through 14 bank branch locations throughout Southern California, as well as the 22 loan production offices through Mission Hills in three states.

The transaction has been approved by Gateway’s shareholders, and the completion of the transaction is subject to regulatory approvals. It is expected to be completed in the second half of this year.

Mitchell aims to further grow First PacTrust by buying other banks. For now, the prices that buyers are willing to pay for community banks has not matched up with what sellers are willing to take for their institutions, he said. But he sees that changing over the next few years.

"We see First PacTrust growing from really obscurity in San Diego County to $5 billion in asset over next five years through a combination of organic growth and acquisitions," he said.

Getting To Know Mortgage Brokers | Maricopa Arizona Homes

Home buying is exciting and stressful at the same time. This one of the major reasons why they hire a mortgage broker to alleviate the stress in buying a home. The importance of mortgage brokers is now being recognized as they guide home buyers in mortgage shopping which helps getting approval for mortgages a whole lot easier.

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You can find mortgage brokers via word of mouth since they work independently. You can also ask real estate professionals to give you a list of mortgage brokers that they know. Another surefire way to find a mortgage broker is by calling a mortgage lending company and ask about independent mortgage brokers that work for them.

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